Md. Code Regs. 31.09.08.07

Current through Register Vol. 51, No. 24, December 2, 2024

Section 31.09.08.07 - Eligible Groups

A. An insurer may not deliver in this State a contract purporting to provide annuity benefits to more than one individual unless the contract conforms to the definition of a group annuity contract contained in Regulation .04 of this chapter.

B. If a contract providing annuity benefits to more than one individual is delivered in this State before the effective date of these regulations, an insurer may not include additional annuitants under the contract if the contract does not conform to the definition of a group annuity contract contained in Regulation .04 of this chapter.

C. Except as provided under §D of this regulation, an insurer may not include any resident of Maryland under any contract delivered in another jurisdiction which purports to provide annuity benefits to more than one individual if the contract does not conform to the definition of a group annuity contract contained in Regulation .04 of this chapter.

D. An insurer may include a resident of Maryland under a contract delivered in another jurisdiction which purports to provide annuity benefits to more than one individual if both of the following requirements are satisfied:

(1) A finding by the Commissioner that the type of group to be covered is the subject of an approval from the Commissioner for the solicitation of policies issued in another jurisdiction under Insurance Article, § 15-310, Annotated Code of Maryland, in the case of group health insurance, or Insurance Article, § 17-101(c), Annotated Code of Maryland, in the case of group life insurance; and

(2) The group annuity contract contains a nonforfeiture provision or provisions which in the opinion of the Commissioner is equitable to the annuitants.

Md. Code Regs. 31.09.08.07

Regulations .07 and D adopted effective January 29, 1996 (23:2 Md. R. 95)